PSEi sustains rise, peso weakens on investors' wait-and-see stance

By Joann Villanueva

January 16, 2018, 10:29 pm

MANILA -- Philippines main equities index sustained its rally Tuesday but the peso slightly weakened in line with other currencies in the region.

The Philippine Stock Exchange index (PSEi) rose 0.08 percent, or 7.41 points, to 8,865.13 points.

A trader said this happened even with the mix performances of the other indices as investors looked for direction.

The broader All Shares ended the day flat with a rise of 0.01 percent, or 0.66 points, to 5,127.25 points.

Most of the sectoral indices tracked the PSEi, led by the Mining and Oil, which rose 2.33 percent.

It was followed by the Industrial, 1.53 percent; Services, 0.62 percent; and Property, 0.34 percent.

Volume, however, remained thin at 627.3 million shares amounting to PHP7.41 billion.

Gainers surpassed losers at 108 to 102 while 61 shares were unchanged.

On the other hand, the local currency finished the day’s trade at 50.49, down from the 50.37 in the previous session, which a trader said was a sign of wait-and-see stance as trading in the US is set to resume after the Martin Luther King Jr. holiday.

Corporate demand for the US dollar also disadvantaged the peso, the trader said.

For the day, the local unit opened the day almost unchanged at 50.40 from 50.41 Monday.

The peso rate ranged between 50.37 and 50.50 during the day, resulting in an average of 50.45.

Volume for the day amounted to PHP875.37 million, up from the USD697 million on the week’s first trading day.

The currency pair is seen to trade between 50.30 and 50.50 Wednesday. (PNA)